Careem, the Middle East-based ride-hailing company, said on Thursday it had secured $200 million in new funding from existing investors, including from Saudi Arabian billionaire Prince Alwaleed bin Talal’s Kingdom Holding, Saudi Arabia’s Al Tayyar Group and STV, and Japanese e-commerce company Rakuten.

The $200 million was the first close of a funding round in which it expects to raise over $500 million, Careem said in a statement.

“Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped,” said Careem co-founder and chief executive Mudassir Sheikha in a statement.